More Firms Turn to Islamic Finance for Development Projects

Source: International Investment

  • A growing number of organisations from outside the Middle East region are turning to Islamic finance and in particular to sukuk instruments to raise funds for infrastructure and development projects, according to a UAE-based investment banking expert. The merits of Islamic finance are expected to allow the sector to grow into new geographies, says Zahid Aslam, managing director of investment banking at Dalma Capital Management. Aslam's comments come as the firm reports an almost one-third jump in enquiries regarding Sharia-compliant bond issuances from corporations outside of the GCC...

Boubyan Bank Successfully Completes iMAL Islamic Core Banking Platform Upgrade

Source: Bobs Guide

  • Established in 2004, Boubyan Bank is the first fully-fledged Islamic bank in the state of Kuwait operating in four segments; Consumer Banking, Corporate Banking, Investment Banking, and Treasury. The bank provides a variety of banking services in compliance with the provisions of the noble Islamic Sharia to individuals and corporate customers. In 2009, the National Bank of Kuwait (NBK) became the majority shareholder of the bank. The bank’s decision to upgrade to the new iMAL R14 version comes as an important part of a plan to transform the bank into an all...

MUFG Prepares to Offer Islamic Bonds in Japan

Source: Asian Review

  • TOKYO -- Mitsubishi UFJ Financial Group will become the first Japanese bank to market Islamic bonds domestically, starting as soon as March in partnership with Morgan Stanley. MUFG Bank's Malaysia subsidiary received authorization from that country's central bank to advise on new issuances of the bonds, known as sukuk. The unit consulted with legal experts, accountants and local authorities to determine how payouts would be treated in Japan for tax purposes, crafting a framework that makes the bonds accessible to investors....

Saudi Banking Giant Picks Temenos for Digital Transformation

Source: Arabian Business

  • Temenos, the banking software company, has announced that it has been chosen by Al Rajhi Bank, Saudi Arabia’s second largest bank and the world’s largest Islamic bank, to power its digital transformation journey. The bank with total assets of over $97 billion has opted for a complete renovation using Temenos T24 Transact as well as a host of additional digital solutions, a statement said. Headquartered in Riyadh and with a network over more than 570 branches, Al Rajhi Bank aims to introduce new lending products to the market and servicing its growing number of customers more quickly and efficiently. ...

BARMM Leaders to Get P31 Billion from Budget

Source: Phil Star Global

  • MANILA, Philippines — The Bangsamoro Transition Authority (BTA) that will administer the new autonomous Muslim region in Mindanao for three years will inherit operational funds of more than P31 billion this year. The amount is the funding level President Duterte has recommended in his proposed P3.757-trillion 2019 national budget for the Autonomous Region in Muslim Mindanao (ARMM). The Senate and the House of Representatives have retained the amount. On Tuesday, ARMM Gov. Mujiv Hataman turned over leadership of the regional government to Moro Islamic Liberation Front (MILF) leader Murad Ebrahim...

Brazil: Multicargo Private-Use Port Terminal And Finance

Source: Mondaq

  • The project budget would be BRL3 billion (US$789.59 million) and the ADFD would fi nance a high percentage of such a budget, say, 85%. Although Brazil does not have any specifi c regulation related to Islamic fi nance and Brazilian banks usually off er to individuals and legal entities fi nancial products bearing interest, one cannot disregard the possibility of, depending on the case, adopting a Shariah compliant structure like Musharakah especially abroad, because, in any event, the Shariah board of an Islamic....

Malaysia a Global Leader in Islamic Banking

Source: New Straits Times

  • MALAYSIA’S pioneering role in the development of Islamic banking and finance has gained worldwide recognition. The public’s demand to have an Islamic commercial bank offering Islamic banking products and services continued until a commercial Islamic bank was set up in 1983, licensed as Bank Islam Malaysia Bhd (BIMB) under the Islamic Banking Act (IBA) 1983. To allow BIMB to stabilise its standing in the banking environment, Bank Negara Malaysia (BNM) granted it a 10-year exclusivity to operate as the sole Islamic bank in the country. In the same year....

Bank Islam, Takaful Push BIMB’s 4Q Profit to RM161m

Source: The Malaysian Reserve

  • Improved earnings of Bank Islam Malaysia Bhd and Syarikat Takaful Malaysia Keluarga Bhd drove BIMB Holdings Bhd’s fourth quarter ended Dec 31, 2018 (4Q18), to a 7.85% growth to RM161.39 million from RM149.64 million in the previous corresponding quarter. Revenue for the three-month period also rose 17.89% year-on-year (YoY) to RM1.12 billion from RM946.04 million. Earnings per share (EPS) stood at 9.53 sen against 9.14 sen in 4Q17. For the full financial year (FY18), the Islamic financial holding company’s net profit grew 10% to RM682.06 million from....

Affin Bank Posts RM503m Net Profit in FY2018

Source: MalayMail

  • Meanwhile, it said Affin Islamic Bank would continue to focus on profitable growth and operating efficiencies for FY19. The bank’s life insurance segment aims to provide financial protection through traditional distribution methods, digital and partnerships. “This will allow AXA-Affin Life Insurance Bhd to reach out to different segments of the market with the aim of being the preferred health and protection insurer in Malaysia,” it added. Overall, the group said it was committed to upgrading its capabilities and operating efficiencies, specifically on the digital front in enriching the customer experience....

The Battle of The Banking Brands

Source: Financial Mail

  • The report finds that Chinese banks continue to consolidate their global brand presence. ICBC, which has a 20% stake in Standard Bank of SA, is the world’s most valuable banking brand ($79.8bn). China’s banks dominate the top four spots in the 2019 ranking. The country’s banks grew 28%, achieving $407bn in total brand value — $100bn more than US banks. All US banks, with the exception of Wells Fargo (-9%), Chase (-7%) and BankUnited (-6%), improved their brand value. Islamic banking showed a 20% boost, led by Middle Eastern banks...

World’s Largest Islamic Bank Moves to Power Digital Transformation, Growth

Source: PML Daily

  • RIYADH- Temenos the banking software company has announced that Al Rajhi Bank, Saudi Arabia’s second largest bank and the world’s largest Islamic bank with total assets of over $97bn, has chosen Temenos to power its digital transformation journey and enhance its Islamic lending and financing product capabilities. The bank has opted for a complete renovation using Temenos T24 Transact as well as a host of additional digital solutions including Temenos Infinity and Temenos Loan Origination product. The signing ceremony, which took place in Riyadh on February 26, was attended by Mr. Waleed Al Mogbel, Deputy CEO...

Temenos Announces New Partnership With Al Rajhi Bank

Source: Crowd Fund Insider

  • Temenos AG (SIX: TEMN), the Switzerland based banking software provider, announced on Wednesday it has been selected by Al Rajhi Bank, a Saudi Arabia-based bank, to enhance its Islamic lending and financing product capabilities. The bank has opted for a complete renovation using Temenos T24 Transact as well as a host of additional digital solutions including Temenos Infinity and Temenos Loan Origination product. Temenos reported that Al Rajhi Bank chose it to replace the bank’s current lending systems after a rigorous competitive evaluation...

Turkey’s State-Run Emlak Bank Returns as Islamic Lender

Source: Ahval

  • Emlak Bank, infamous for its role in Turkey’s crisis-hit decade of the 1990s, is returning as an Islamic lender focused on real estate. The Turkish banking regulator granted a license to the financial institution on Wednesday, which has been named Türkiye Emlak Katılım Bankası, according to a decision in Turkey’s Official Gazette. Emlak Bank, founded in 1946, was a lynchpin of a Turkish building boom 20 years ago that saw the government and public contractors use it as a cost centre for often ill-conceived and corrupt housing projects. Turkey was forced to close the bank in 2001 as part of pledges ...

ADIB-Egypt's Profits Jump by 35% to EGP 850m in 2018

Source: MenaFn

  • (MENAFN - Daily News Egypt) Abu Dhabi Islamic Bank (ADIB) - Egypt has made a significant jump in its consolidated profits to record a net profit after taxes of EGP 850m in 2018, compared to EGP 632m in 2017, an increase of 35%. The bank's total revenues amounted to EGP 3,1bn, an increase of 18% equivalent to EGP 474m. The profits hike was supported by a growth in deposits of EGP 10.06bn to EGP 39.9bn, an increase of 34%, besides an increase of EGP 7.7bn or 47% in net loans to reach EGP 24.3bn. 'The bank's performance was remarkable over the past year in terms of operation and restructure, in addition to reducing...

Bright Mountain Media (BMTM) vs. Infosys (NYSE:INFY) Financial Contrast

Source: BaseBall Daily

  • The company's products include Finacle, a banking solution that provides analytics, core banking, consumer e-banking, corporate e-banking, Islamic banking, mobile banking, origination, payments, SME enable, treasury, wealth management, and youth banking solutions. Its products also comprise Infosys Nia, a knowledge-based AI platform; Infosys Information Platform, an analytics platform that enables to get insights from various data sources for decisions across industries; and AssistEdge, CreditFinanceEdge, ProcureEdge, and...

National Bank of Bahrain Unveils New Brand Identity

Source: Islamic Business & Finance

  • The National Bank of Bahrain (NBB) has unveiled its new brand identity in line with the lender’s ongoing journey of transformation aimed at creating a brand built for sustained growth and success in today’s rapidly changing banking environment, according to local newswire, Bahrain News Agency. Farouk Y. K. Almoayyed, the Chairman of NBB, said, “The evolution of our brand is an important part of our strategy for continued market leadership as well as being integral to the promise we have made to all of our stakeholders when we began our journey...

Standard Chartered Gets Approval to Open Branch in Saudi

Source: Arabian Business

  • During its global results presentation on Tuesday, Standard Chartered said its Saudi Arabia operations performed well despite slowing oil output in the GCC region. The lender’s head office in the region is located in Dubai, which is also the centre for its Islamic Banking arm, Standard Chartered Saadiq. For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily....

Gulf Takeover Binge Has Bahrain Opening Up to More Bank Mergers

Source: BloomBerg

  • We are hopeful that both conventional and Islamic banks will have the opportunity to look into their future business plans and see consolidation as an option, Bahrain’s central bank governor, Rasheed Al-Maraj, said during a panel discussion at a conference on Tuesday. Bahrain Mumtalakat Holding Co., the country’s sovereign wealth fund, is NBB’s main shareholder. The lender said earlier this week that it had abandoned a plan to acquire Bahrain Islamic Bank, in which it already holds a 29 percent stake. NBB has studied the opportunity, but “the timing was not...

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